animex announcement, page-12

Despite the prospective nature of the TZ gas sands, I have popped a fuse and I no longer consider Nyuni a viable JV for KEY due to Aminex.

It is one thing to have to deal with the government ineptitude and the lack of a significant gas market, but to have to go through this dog and pony show again on the next Aminex well would be unbearable.

Ken has obviously had the heads up on poor this result for many months, and witnessed the delays over such a small field.

I wonder if KEY recognize the problem and are altering their plans.
I would like to think Ken is working the weekend and has new vision for the company come next week, but I have a doubt.

For my money I would like to see KEY sell it's Nyuni stake to AEX for cash and go their separate ways. Aminex flogged all it's KEY shares shortly after the TZ well, so obviously that in itself is a statement, esp considering their likely knowledge of the size of the accumulation.

I am ambivalent about WSS due to the lengthy delays to the gas plant for KN. Commercialization in TZ is a pipe dream unless you hit a huge gas field.

It will take another 10 years at this rate to ever get a dime out of that country for all the millions poured in, and the tens of millions yet to be poured in.

And then there are the Italians. But that is the story for another day.

One more month to the next quarterly report to see how much cash remains. Any bets on whether there will be enough left to drill the HZ well? I have a doubt due to the delay.